Hotel Leela Venture announced that the company had issued Secured Redeemable Non-convertible Debentures on Private Placement Basis aggregating to Rs.90 crore to LIC of India in December, 2008.
The company has defaulted in payment of quarterly interest of Rs. 2.12 crore which was due on 19 June, 2018.
Further, the total interest outstanding as on date is Rs.12.14 crore and principal redemption amount outstanding as on date is Rs.45 crore.
The company's operating cash flows are not sufficient to service its term loans and NCDs and the funds of the Company are escrowed with its lenders and are also monitored by the lenders. The Company is pursuing with the lenders for Debt restructuring.
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